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Review of the Financial Plan of the City of New York, December 2024

New York City’s finances have stabilized amid declining costs for asylum seekers and strong revenue, largely from growth in business and property tax collections. The City must balance fiscal management with its operational needs to ensure it can continue to encourage employment and business growth, enhancing its economic and tax revenue base.

DiNapoli: NYC Finances Stabilizing With Drop in Costs for Asylum Seekers and Resilient Tax Revenue

New York City’s finances have stabilized amid declining costs for asylum seekers and strong revenue, largely from growth in business and property tax collections. But potential policy changes on the federal level creates uncertainty for the coming years which require fiscal preparation, according to a report on the city’s November financial plan modification released today by State Comptroller Thomas P. DiNapoli.

DiNapoli Releases Report on Nonprofit Industry

State Comptroller Thomas P. DiNapoli released a report that showed nonprofit organizations in 2022 provided 1.3 million jobs to New Yorkers, just over 1 in 6 private sector jobs in the state. While the number of nonprofits increased nationally between 2017-2022, they declined in New York and the number of jobs also fell by 4.1%.

DiNapoli: Local Sales Tax Collections Up 3% in November

Local sales tax collections in New York state increased by 3% in November compared to the same month in 2023, according to data released today by State Comptroller Thomas P. DiNapoli. Overall, local collections totaled $1.86 billion for the month, up $53 million year over year, with New York City accounting for 61.5% of the increase.

DiNapoli Statement on Governor's Veto of Transparency Legislation

New York State Comptroller Thomas P. DiNapoli released the following statement regarding Gov. Kathy Hochul’s veto of legislation that would have increased transparency on state spending and was supported unanimously in both the State Senate and Assembly:

Opinion 2024-1

We are in receipt of the City of Troy’s (“City”) resolution no. 2024-127, adopted by the City Council on September 5, 2024, seeking an advisory opinion from our Office “declaring that the City of Troy may lawfully issue general obligation bonds to fund replacement of all public and privately owned lead water service lines in the City without violating Section 1 of Article 8, the Gift and Loan Clause, of the New York State Constitution, and that the Gift and Loan Clause does not prevent municipalities from using public funds to replace privately owned lead water service lines on private and public properties to remediate this public health emergency.”

        

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